Skip to Content

Okta (NASDAQ:OKTA) Receives Outperform Rating from Sumitomo Mitsui Financial Group Analysts

Okta (NASDAQ:OKTA) Receives Outperform Rating from Sumitomo Mitsui Financial Group Analysts

According to Benzinga, a report published on Wednesday stated that stock research analysts working for Sumitomo Mitsui Financial Group assumed coverage on shares of Okta (NASDAQ: OKTA). The financial advisory firm gave the company an “outperform” rating and projected that the stock’s price would reach $90.00 within the next three months. According to the price set as the objective for Sumitomo Mitsui Financial Group, there is a potential for a profit that is 29.40% higher than the stock’s current price.
Various research analysts throughout this project have produced writings relating to OKTA. On Tuesday, December 13, Cowen published a research report in which they started covering Okta as an investment opportunity. They ranked the company as a “market performer” and determined that the price should be set at seventy dollars. Wedbush published a research note on Okta shares on Wednesday, December 14, announcing that it would start covering its shares. They assigned the business the rating of “outperform,” and the price target was established at $86,000. The price objective that Guggenheim has set for the Okta shares they are currently investing in has been increased to $70.00, as stated in a research note published on Friday, December 2. On Tuesday, December 13, Cowen and Company announced the launch of their coverage of Okta with the publication of a research note. They decided to give the company a grade of “market perform” and set its price objective at $70.00. They also established a price objective for themselves. Mizuho lowered both their “buy” rating and their price target on Okta, which had previously been set at $110.00, to $90.00 in a research note published on November 10. The final and most significant adjustment was made here. The stock currently has three distinct ratings:
“Sell” from two research experts.
“Hold” from fifteen research experts.
“Buy” from seventeen research experts.
According to data from, the current consensus recommendation for Okta is “Hold,” and the current consensus price objective for the company is $86.55 per share.
On Wednesday, the opening price of trading for OKTA stock was $69.55. A debt-to-equity ratio comes in at 0.41; a quick ratio comes in at 2.30; a current ratio comes in at 2.30; and a quick ratio comes in at 2.30. The company possesses a price-to-earnings ratio of -12.03, a beta value of 1.0, and a market capitalization equal to 11.14 billion dollars. The stock’s simple moving average over the past 50 days is $58.55, and its simple moving average over the past 200 days is $72.82. Okta’s 52-week high is $222.90, and its 52-week low is $44.12.
According to additional information about this subject, Brett Tighe, the company’s Chief Financial Officer, sold 2,643 shares of company stock on Friday, December 16. The shares were sold for $178,164.63, and buyers were willing to pay an average price of $67.41 per share. The chief financial officer currently holds an ownership stake in the company that is equivalent to 39,472 shares and is valued at approximately 2,660,807.52 dollars. On the Securities and Exchange Commission’s (SEC) website, you can access the information submitted to the SEC regarding the transaction, which is currently available. On November 3, Okta director Jacques Frederic Kerrest successfully sold 18,729 of the company’s shares of stock, bringing the transaction to a close. Another bit of information about Okta has been recently discovered. The shares were sold for a total of $920,530.35, which works out to a price of $49.15 per share on average when divided by the number of shares sold. The director now has direct ownership of 100 business shares as a result of the sale, and the value of each share is $4,915, making the director’s total investment in the company $491,500. The Securities and Exchange Commission was given legal documents about the transaction, which were subsequently uploaded to the SEC website after being provided to the SEC. In addition, Chief Financial Officer Brett Tighe sold 2,643 shares of the company’s stock on Friday, December 16. The shares were sold for $178,164.63, and buyers were willing to pay an average price of $67.41 per share. Currently, the chief financial officer owns 39,472 shares of the company’s stock directly. The total value of these shares is approximately 2,660,807.52 dollars. Disclosures that are related to the sale might be found in this section of the website. Through the purchase and subsequent sale of 30,669 shares of the company’s stock in three months, business insiders were able to generate a total profit of $1,725,406. Insiders hold 7.60% of the total number of shares in the company.
There was both an increase and a decrease in the amount of OKTA held by hedge funds over the most recent period.
During the third quarter, Toroso Investments LLC achieved a 6.1% increase in the proportion of Okta shares it owned. As of right now, Toroso Investments LLC is the owner of 2,866 shares in the company, which have a combined value of $163,000; this is the result of the company’s purchase of an additional 165 shares over the last three months (as of the last filing). During the third quarter, Perigon Wealth Management LLC oversaw an increase of 44.9% in the value of Okta’s holdings under their management. Perigon Wealth Management LLC now has 8,317 shares of the company’s stock worth $473,000. This is a result of the previous quarter’s purchase of an additional 2,577 shares. In addition, the Teachers Retirement System of Kentucky purchased an additional stake in Okta during the third quarter, valued at $1,360,000. These shares were acquired for a total cost of $1,360,000. During the third quarter, Seaport Global Advisors LLC made a 27.7% increase in the amount of Okta stock it owned, bringing its total ownership percentage to 100%. Seaport Global Advisors LLC now holds 3,039 shares of the company’s stock, valued at $173,000, following acquiring 659 additional shares during the preceding quarter. And finally, during the third quarter, Sunbelt Securities Inc. increased the percentage of Okta shares it held by 7.9%, bringing the total number of shares it held to a total of 1. As a result of the purchase of an additional 277 shares during the most recent fiscal quarter, Sunbelt Securities Inc. now has a total of 3,777 shares of the company’s stock, which are currently valued at a sum of $215,000. The company acquired these shares. Shares of the company are currently owned by hedge funds and other institutional investors, which account for 73.02% of the total.
Okta, Inc. provides identity solutions to a diverse array of customers, including large corporations, small and medium-sized businesses, educational institutions, non-profit organizations, and government agencies in the United States and other countries. These customers come from all walks of life and a variety of industries. An organization can store user profiles, as well as those for applications and devices, by utilizing the cloud-based system of records known as Universal Directory, made available by the platform known as Okta Identity Cloud. This allows the organization to protect these profiles. Users can access the applications from a wide range of devices, regardless of whether the applications are hosted in the cloud or on the organization’s infrastructure. Applications in the cloud, on mobile devices, on the web, and in data stores can benefit from increased security when adaptive multi-factor authentication is used. API Access Management, which gives companies the ability to secure APIs; Advanced Server Access, which gives companies the ability to secure cloud infrastructure; and Access Gateway, which allows companies to connect the Okta Identity Cloud in the cloud to their existing on-premise applications. Lifecycle management is a capability that gives IT organizations or developers the ability to manage a user’s identity throughout their lifecycle. Access Gateway allows companies to connect the on-premise applications they currently use to the Okta Identity Cloud, which is hosted in the cloud.


Leave a comment

Your email address will not be published. Required fields are marked *